Participation Exercise #5: After viewing the video below respond to the following questions:
Why does NetFlix record initially record a gift membership as a “deferred revenue”?
Participation Exercise #6: Many would say that the “point” in the accounting cycle that “separates” the bookkeeper from the professional accountant would be at the end of an accounting period where “adjusting entries” are determined and recorded. After viewing the 5-minute video below respond to the following question:
What type of “adjusting entry” seems most confusing? Why?